BP a look at fossil fuels

As I mentioned in the previous blog post the annual BP statistical energy review is out for 2013 (of course its most recent data is for 2012).  So what do we learn about fossil fuels?

Gas

This makes up 23.9% of primary energy production worldwide.  Consumption grew by 2.2%, below its historical average and production by 1.9%.  But the real shock is that the gas reserves fell, as you can see from the graph below this is the first time this has ever happened.  In the days when unconventional gas is a “game changer”, this is very surprising.

gas reserves graph

gas reserves graph (source BP statistical energy review (2013)

This is not highlighted anywhere on the main BP energy review website whatsoever or in the pdf of the report.  It is mentioned in one of the gas webpages on their site.  The reason given is reserve revisions in the former soviet union countries.

Oil

Still makes up 33.1% of primary energy, although this is the lowest value in the reviews history.  Consumption grew by just under 900,000 barrels a day (below the historical average).   Production grew 1.9 million barrels a day partly due to a recovery in Libya but also a large increase in the US.  Consumption fell in the US though by 2.8%.  As this blog has covered American driving may have peaked.  How long the shale oil story will play in the US is extremely questionable as we covered in our blog in the past.

Coal

Output was 2% higher as demand apparently weakened.  Demand was 2.5% and coal is that fastest growing fossil fuel although this figure was less than the average for the last 10 years which is 4.4%.  Coal prices are also given, these have risen dramatically since the millennium but have fallen back a bit over the last year or so.  Reserve values although the highest of any fossil fuel just keep falling.

coal data from BP

Coal reserve data (source BP)

Nuclear

As predicted on this blog there has been another big drop in nuclear output of 6.9% for the second year running.  Nuclear powers’ days are over.  In the next blog I will examine the renewable energy data.

Neil

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